Herman Miller to buy Knoll for $1.8bn

New York

19 April 2021

The US office furniture maker Herman Miller will buy its peer Knoll in a $1.8bn cash-and-stock deal, Reuters reports.

Herman Miller says it will pay Knoll shareholders $25.06 per share, representing a 45.4 per cent premium on Knoll’s closing price on Friday last week.

The company has taken a financial hit in the past year, as the pandemic saw offices close all over the world in an effort to curb the spread of Covid-19.

However, Herman Miller says it sees the coming years as an opportunity for growth, as companies seek to redefine what post-pandemic working setups should look like.

Knoll’s shares jumped 28.7 per cent to $22.17 in premarket trading, while Herman Miller’s fell by 13.1 per cent to $38.51.

Story source Reuters